3 in 1 Combo Synergy
Synergy offers the protection of a three-in-one solution: a life insurance policy, a disability insurance policy and a
critical illness insurance policy – all rolled into one package.
- Easy to manage – fill out one application, pay one amount
- Affordable – address three risk areas with one cost-effective solution
- Unique – its pool of money concept provides protection across three needs
- Flexible – choose from $100,000 to $500,000 in Synergy protection
How Synergy works
Synergy includes a life insurance policy, a disability insurance policy and a critical illness insurance policy all rolled into one easy-to-manage and affordable solution.If you are 18-50 years of age, you can purchase between $100,000 and $500,000 of Synergy. This is called the Synergy amount of insurance.You can access the insurance in three different ways.
The option to purchase permanent life insurance at expiry
If your available amount of insurance is greater than zero on the Synergy expiry date and you have not received a covered condition benefit under your Synergy critical illness policy, you can purchase new permanent life insurance.**
Plus, you can customize your Synergy solution with optional riders:
1. Term Insurance rider for added life insurance protection (10 year renewable to age 65).
2. Children’s Protection rider - life and Children’s Protection rider - critical illness provide additional coverage for children,
up to age 25.
* If the available amount of insurance is less than the benefit amounts referenced, you receive the available amount of insurance instead.
** Subject to certain minimums.
Synergy Protect yourself, not your bank!There’s an alternative to mortgage insurance: One policy gives you all three benefits: Disability, Death and Critical ILLNESS
It’s become routine. Secure a mortgage with any lending institution and most likely you’ll be asked to buy a life or critical illness insurance policy, or both, to protect your mortgage.
What the lender is really asking you to do is protect their company. The coverage is designed as creditor protection and the benefits would be used only to pay off any remaining mortgage balance – no matter what other needs you may have.
Manulife’s Synergy, an innovative approach to life, critical illness and disability insurance can provide you with a value-added mortgage protection solution.
Combo Synergy Ownership
With most lenders’ mortgage insurance:
You are part of a group policy owned
by the lender and the lender is the
Benefits go directly to the lender to
pay off the mortgage.
You own the Synergy solution and name your beneficiary. If you become disabled before age 65 and can’t work, you receive a monthly benefit to help replace your income. If before age 65 you are diagnosed with one of the 22 defined covered conditions, you receive a lump sum benefit to use however you want. In the event of death before age 65, the life insurance benefit goes to your beneficiary to use however they want.
Combo Synergy Protection
With most lenders’ mortgage insurance:
Separate life and critical illness insurance policies are typically offered; few lenders offer disability coverage. The amount of insurance is equal to the amount of your mortgage. Your benefit decreases as your mortgage decreases and coverage ends when your mortgage is paid. Your coverage ends if you switch lenders. The critical illness protection usually provides basic coverage for cancer, heart attack and stroke.
You get a life insurance policy, a critical illness insurance policy
and a disability insurance policy in one convenient solution,
with one affordable payment. Synergy has a unique pool of money concept allowing you to buy a minimum of $100,000 to a maximum of $500,000 Synergy amount of insurance. The amount is not tied your mortgage. While the Synergy amount of insurance is reduced when a claim is paid, you can customize your plan by adding the Term Insurance rider for added life insurance protection (10 year renewable to age 65).
Your Synergy solution expires at age 65. But we want to make sure you have an option to protect your loved ones well into
the future. That’s why Synergy gives you the option to purchase a Manulife permanent life insurance product if you
have an available amount of insurance remaining when your Synergy solution ends at age 65 – no medical underwriting
The amount of permanent insurance you can purchase – without medical underwriting – is limited to your remaining available
amount of insurance and Manulife’s minimum limits for the product you choose.
*This option is not available if you have received a critical illness covered condition benefit.
The critical illness protection provides coverage for 22 conditions and other great benefits like: the Early Intervention and Recovery Benefit and Health Service Navigator®, which includes a world-class medical second opinion service.
Combo Synergy Guarantees
With most lenders’ mortgage insurance:
Your premiums and benefits are not guaranteed. The lender can change or cancel the policy at any time.
Your premium and benefits are guaranteed for the life of your Synergy solution.
Synergy Product overview
Following is an overview of the product and its key options and features.
A Synergy solution contains the following three insurance policies:
1. life insurance policy,
2. disability insurance policy, and
3. critical illness insurance policy.
Because of the unique contractual relationship between the Synergy insurance policies, the three policies cannot be separated from the Synergy solution in any way. If the Synergy solution owner makes a change to the Synergy solution, all three policies are affected by that change. The Synergy life, disability, and critical illness insurance policies must have the same owner and if one policy ends, all three policies end.
Only one insured person is covered by a Synergy solution. The Synergy solution expires on the Synergy
solution anniversary nearest the insured person’s 65th birthday.
Synergy amount of insurance
The benefits offered by each policy are based on a common initial benefit amount called the Synergy
amount of insurance.
When the Synergy solution begins, the available amount of insurance is equal to the Synergy amount of insurance. We reduce the available amount of insurance by any benefit amount we pay, unless a policy specifically states that the payment does not reduce the available amount of insurance.
The Synergy solution provides protection until the earlier of:
1. the day the available amount of insurance is reduced to zero, or
2. the Synergy expiry date.
If the available amount of insurance is greater than zero on the Synergy expiry date, the Synergy solution owner has the option to purchase permanent life insurance on the insured person without evidence of insurability.
The premiums we charge are based on the Synergy amount of insurance. The following cost types are available:
1 level cost to 65, and
2 10-year renewable to 65.
Synergy Product details
The Synergy solution is only available on a single-life basis.
1. Two cost types are available. They are:
i. 10-year renewable to 65, and
ii. level cost to 65.
ve cost types is available at a time.
10-year renewable to 65
For 10-year renewable to 65, a premium rate is charged for 10 years beginning on the Synergy start date based on the insured person’s issue age and on other relevant factors. Starting on the 10th Synergy solution anniversary and each subsequent 10th Synergy solution anniversary, a renewal premium rate will be charged based on the insured person’s issue age and the duration of the Synergy solution, as well as on other relevant factors.
Level cost to 65
For level cost to 65, a level premium rate is charged for as long as the Synergy solution remains in effect. The rate charged is based on the insured person’s issue age and on other relevant factors.
1.Issue age is the insured person’s age on their birthday nearest the Synergy start date, except that
i.if the cost type is changed, the issue age is the insured person’s age on their birthday nearest the effective date of the cost type change.
2.The minimum issue age is 18.
3.The maximum issue age is 50.
Synergy start date
1. The Synergy solution becomes effective on the Synergy start date.
2. Synergy solutions are generally current-dated.
3. Exceptions to backdate up to twelve months less a day from the issue date to save age may be
1. A rider coverage becomes effective on the coverage date.
Synergy issue date / Coverage issue date
1. The Synergy issue date is when the Synergy solution is issued and a coverage issue date is when a rider coverage is issued. The issue date may be different from the Synergy start date or coverage date; e.g. if the Synergy solution or rider coverage has been backdated.
2. If a Synergy solution is reinstated, the Synergy issue date and the coverage issue date for any riders are updated to be the date the Synergy solution was last reinstated.
Synergy expiry date
1. The Synergy solution expires at the Synergy solution anniversary nearest the insured person’s 65th
Synergy Primary benefits
1. When making a claim for any benefits, refer to the Synergy solution document for an in-depth
explanation of the benefits and exclusions.
2. For information on who receives the benefits of each insurance policy, refer to the section called Who receives the benefits of the Synergy policies.
The Synergy life insurance policy
1. Three benefits are available under the Synergy life insurance policy. They are:
i. death benefit,
ii. option to purchase permanent life insurance at expiry, and
iii. bereavement counselling assistance.
When we pay a death benefit
1. We pay a death benefit when the person whose life is insured by the Synergy life insurance policy dies. We calculate the death benefit as of the day this insured person dies.
How we determine the death benefit amount
1. The death benefit amount payable when the person whose life is insured by the Synergy life
insurance policy dies is equal to:
i. the available amount of insurance, reduced by
ii. any overdue amount due to outstanding premiums for the Synergy solution.
2. Under certain conditions we will adjust the death benefit. For further details, refer to the following
i. Suicide, and
ii. Misstated age or sex.
Unused premiums as of the date of death
1. When we pay a death benefit under the Synergy life insurance policy, we return any portion of a premium paid for the Synergy solution which has not been used.
2. The unused premium is added to the death benefit payable and paid to the applicable beneficiary or beneficiaries.
1. If the insured person commits suicide within two years after the later of the day we issued or the day we last reinstated the Synergy solution, we do not pay the death benefit as described in the section above called How we determine the death benefit amount. Instead, we do the following:
i. We pay a reduced death benefit to the beneficiary or beneficiaries. The reduced death benefit equals the premiums paid for the Synergy solution for the period since the later of the Synergy start date or the last reinstatement date.
ii. We then cancel the Synergy solution and all riders on it as of the day the insured person died.
Compensation and death claims
1. If a Synergy solution ends due to a death claim before the first Synergy solution anniversary, the advisor is considered to have earned the full first year’s commission for the Synergy solution.
2.If a Synergy solution ends due to a death claim after the first Synergy solution anniversary, the
advisor is entitled to the monthly commission up to the date of death.
3. Any return of unused premium on death does not impact the commission payable for the Synergy solution.
4. If a Synergy solution ends due to a death claim, a chargeback does not apply.
Option to purchase permanent life insurance at expiry
1. For information about the option to purchase permanent life insurance at expiry, refer to the section
called Additional benefits & features.
Bereavement counselling assistance
1. For information about the bereavement counselling assistance benefit, refer to the section called
Additional benefits & features.
Short Term DisabilityPlan design options:
• no evidence of insurability requirements
• benefit qualifies for Employment Insurance premium reduction
• 24-hour coverage available to select industries
Long Term DisabilityPlan design options:
• benefit terminates at age 65
• non-evidence limits* available to all cases (varies from $1,200 to $4,300)
*In a change of carrier situation, grandfathering of current insured amounts available upon request and subject to underwriting approval.
Health Care Spending Account (HCSA)A Health Care Spending Account (HCSA) is a great way for clients to manage
costs and provide flexibility for their members. Here are some of the features:
• supplements coverage for expenses that may not be covered by the traditional plan
• eases the transition to a more cost-managed plan by offering flexibility to plan members in how their benefit dollars are spent
• predictable costs – employee HCSA allocations are set at the beginning of the plan year so plan sponsor costs are known up-front.
Plan design features:
• Credit carryover: 365 days
• Grace period: 180 days
• Minimum Allocation: $250
Personal BenefitsOptional benefits are a great way for plan sponsors to offer more benefit choices to their plan members. Supplementing the basic insurance coverage received through their group benefits plan, optional benefits enable plan members to easily purchase the additional coverage that they need.
Personal Benefits take this flexibility to another level. Now when plan members purchase Personal Life or Personal Critical Illness coverage, Manulife takes on the administration and the billing is direct with the plan member. The plan member's coverage is portable and continues even if their employment situation changes.
Plan design options:
Personal Health AssessmentsManulife offers executive or workplace health assessments designed to improve the health of plan members while reducing absenteeism and health care costs.
The Big “Plus” with AlphaPlus
The AlphaPlus program is more than just an Employee Benefits Program. It’s a network of people and technology. AlphaPlus is designed to grow with your business.
• Comprehensive benefits at an affordable cost
• Simple administration with easy-to-understand plan member communication material
• Fast, efficient claim payments with online claims submission and direct-deposit
• Convenient online access to coverage/claim information for plan members
• Online access to plan administration tools for plan administrators • A comprehensive plan administration kit available online or in paper format
• Pre-authorized debit service available for easy monthly premium payments
• Simple monthly premium billing statements, available online • Fair and competitive renewal pricing
• Accurate and secure records maintenance
• Friendly, knowledgeable support through the toll-free Group Benefits Customer Service Centre
• Quarterly newsletters with timely and relevant Group Benefits information